NY Fed's Baxter targets stronger ethical culture in banks
Thomas Baxter says progress is more important than ‘perfection' in fostering better behaviour
Reforms aimed at promoting an "ethical culture" within the financial industry are necessary, Thomas Baxter, executive vice president and general counsel at the Federal Reserve Bank of New York, said in a speech at the Bank of England yesterday.
"The conduct of the people in any organisation will be strongly influenced by incentives," said Baxter, adding "bankers, like lawyers, want to do quality work with people they like and respect and receive fair recognition in return".
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